can also be beneficial to those business owners who dont drive often.
Get help with healthcare. Small businesses can deduct up to 70% (up from 60%) of their healthcare costs for tax year 2002. For 2003 it gets even better for companies struggling with increasing health insurance premiums. Business owners can deduct 100% of their healthcare expensesa big plus for small companies, says Paul Chumsky, a partner with CPA firm Weisberg, Mol, Krantz Goldfarb, L.L.P., who suggests that business owners wait until January 2003 to pay their end-of-the-year premiums if youre not in danger of having your policy lapse or suffering premium penalties.
Tax Resources for Small Businesses
- The Internal Revenue Services comprehensive Website at www.irs.gov includes information for both small business and new tax law information.
- Large Accounting Firms like PriceWaterhouseCoopers have comprehensive, updated Websites that cover tax issues (www.pwcglobal.com)
- In November of each year, Ernst Young publishes the Ernst Young Tax Savers Guide; it releases a new Ernst Young Tax Guide every January. Both are available in bookstores.
- The American Institute of certified public accountants (AICPA) has a Website at www.aicpa.org that covers the tax issue from various angles.
- Quickens Website at www.quicken.com covers a broad range of tax topicsincluding details on tax changesfor businesses of all sizes.